Middleby 3Q profit climbs 16 pct on higher sales

For the three months ending Sept. 27, the manufacturer of restaurant and cooking equipment said late Thursday it earned $16.3 million, or 96 cents per share. That compares with a profit of $14.1 million, or 83 cents per share, during the same period last year.

Revenue grew more than 22 percent to $166.5 million from $136 million as a series of acquisitions helped boost sales. Excluding contribution from the new businesses, the company's sales fell 1.4 percent during the quarter.

Analysts surveyed by Thomson Reuters expected the company to earn $1 per share on revenue of $172.5 million.

"Business conditions in the foodservice equipment industry became more difficult in the third quarter as heightened concerns on the general economy caused a deferral of orders and the disruption in the financial markets impacted our customers' ability to finance equipment purchases," Chairman and Chief Executive Selim A. Bassoul said in a statement.

Middleby shares fell 18 cents to $34.77 in midday trading Friday.

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